WAC 332-18-140   Interest in real property in lieu of other performance security.  (1) The department may, at its discretion, accept a security interest in real property instead of other performance security if the reclamation permit holder or applicant provides the following if required by the department:

     (a) An opinion of value by a land appraiser licensed by Washington state indicating that the real property exceeds the amount of the performance security by at least one hundred percent;

     (b) Suitable access, as determined by the department, for possible public entrance onto the property;

     (c) A title insurance policy in favor of the department verifying clear title and indicating that the property is free of liens or other encumbrances; and

     (d) Any other materials requested by the department, such as insurance to protect the department's interest in the real property or an environmental hazard assessment.

     (2) The department may require additional opinions of value by a land appraiser licensed by Washington state to assure that the real property exceeds the amount of the performance security by at least one hundred percent.



[Statutory Authority: RCW 78.44.040, 34.05.220, 43.21C.135 and 78.44.250. 94-14-051, § 332-18-140, filed 6/30/94, effective 8/2/94.]